https://www.taxtmi.com/caselaws?id=765578 ITAT Delhi ruled in favor of the assessee regarding addition under Section 68 for unexplained credits. The court found no error in CIT(A)'s findings as no cash credit entry was made in the relevant assessment year. The transaction involved mere swapping/exchange of shares without actual cash infusion into the company's fund flow. The AO failed to examine the transaction's nature and incorrectly concluded cash was received. Since no cash was involved in the share allotment, conversion of liabilities into share capital and premium could not be treated as unexplained cash credits under Section 68 of the IT Act. en-us Fri, 31 Jan 2025 00:00:00 +0530 Tue, 04 Feb 2025 08:46:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=765578 ITAT Delhi ruled in favor of the assessee regarding addition under Section 68 for unexplained credits. The court found no error in CIT(A)'s findings as no cash credit entry was made in the relevant assessment year. The transaction involved mere swapping/exchange of shares without actual cash infusion into the company's fund flow. The AO failed to examine the transaction's nature and incorrectly concluded cash was received. Since no cash was involved in the share allotment, conversion of liabilities into share capital and premium could not be treated as unexplained cash credits under Section 68 of the IT Act. Case-Laws Income Tax Fri, 31 Jan 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=765578